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Press release

July 02, 2003

AAR Announces Additional Financing

WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR (NYSE: AIR) today announced the completion on July 1 of an $11 million financing secured by a mortgage on its Wood Dale, Illinois facility. The term of the financing is five years with a LIBOR-based interest rate of no less than 6.25 percent.

"We continue to seek attractive financing to support the Company's operations and growth initiatives. We are pleased with the progress we have made thus far," said AAR Vice President and CFO Timothy J. Romenesko. "We remain extremely focused on internal cash generation initiatives and we believe that together with the recently announced financing transactions we are positioning ourselves for long term growth as our core markets recover."

AAR (NYSE: AIR) is the leading provider of aftermarket support to the worldwide aviation/aerospace industry. Products and services include customized inventory management and logistics programs, encompassing supply, repair and manufacture of spare parts and systems. Headquartered in Wood Dale, Illinois, AAR serves commercial and government aircraft fleet operators and independent service customers throughout the world. Further information can be found at www.aarcorp.com .

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 7, entitled "Factors Which May Affect Future Results", included in the Company's May 31, 2002 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.

SOURCE AAR CORP.   


CONTACT: Timothy J. Romenesko, Vice President & Chief Financial Officer of AAR, +1-630-227-2090, tromenesko@aarcorp.com

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